Myspace Music creates new venture with big record labels

Sony BMG, Universal Music Group and Warner Music Group have created a joint venture with Myspace Music to make their music available for purchase via Myspace.  Myspace Music will launch a music service similar to iTunes where fans can purchase music. However, Myspace Music will allow fans to also puchase ringtones,  concert tickets, t-shirts and other merchandise from their favorite artists.

Chief executive of Myspace Chris DeWolfe said, “We believe that this is really a historic step in the music industry redefining itself, both with the partnership and the product (to come). There’s no other product on the Internet that looks anything like this.”

Sony, Universal and Warner will make their music catalogs available for downloading and listening later this year.

source: New York Times, Variety